Business & Finance
Business and Finance
Business and Finance 
Mon, November 23, 2009
Sun, November 22, 2009
Fri, November 20, 2009
Red Pine Exploration Announces Private Placement Offering
TORONTO, ONTARIO--(Marketwire - Nov. 20, 2009) - Red Pine Exploration Inc. ("Red Pine" or the "Company") (TSX VENTURE:RPX) announces its initiation of a brokered and non-brokered offering for gross proceeds of $2,530,000.
The Company intends to raise, on a best efforts basis, up to $1,530,000 through the issuance of 17,000,000 Flow-Through Units and up to $1,000,000 through the issuance of 12,500,000 Non-Flow-Through Units, for gross total proceeds of up to $2,530,000.
Flow-Through Units are offered at $0.09 per unit. Each Flow-Through Unit entitles the subscriber to receive one Flow-Through Common Share of the Company plus one-half of one Non-Flow-Through Purchase Warrant. Each full Non-Flow-Through Purchase Warrant is exercisable for one common share of the Company at an exercise price of $0.15 for 24 months from the date of issue.
Non-Flow-Through Units are offered at $0.08 per unit. Each Non-Flow-Through Unit entitles the subscriber to receive one common share of the Company plus one Non-Flow-Through Purchase Warrant, which is exercisable for one common share of the Company at an exercise price of $0.15 for 24 months from the date of issue.
The Company intends to use the proceeds from the sale of the Flow-Through Units for exploration on its gold properties located in the Timmins Region of Ontario and the proceeds from the sale of the Non-Flow-Through Units for exploration and general corporate purposes.
In connection with the offering the Company has agreed to pay compensation as follows: Commission of up to 7% and broker warrants of up to 7% of gross proceeds raised.
The Company intends to close this offering in late November 2009. All securities to be issued in connection with this offering will be subject to a statutory four-month hold period from the date of issue. Completion of the offering remains subject to regulatory approval.
WARNING: The statements made in this news release may contain forward-looking statements that may involve a number of risks and uncertainties. Actual events or results could differ materially from expectations and projections set out herein.